Toyota, which is cautious about electric cars and lags behind its competitors, is aware that it must compete with Chinese manufacturers such as BYD. BYD, which entered the Japanese market with the Atto 3 model, also launched the Seal model in the country last month.
The share of Chinese manufacturers in the country is increasing
According to the Japan Automobile Importers Association (JAIA), the number of cars imported by Japan in the first half of 2024 will be 10% of Chinese electric vehicles created. Although the country is dominated by domestic manufacturers and European luxury car manufacturers such as BMW and Mercedes, Chinese manufacturers are also trying to gain a share by entering the market.
Toyota aims to counter BYD’s rise with a new electric vehicle battery factory it plans to build on Kyushu, the southernmost island of Japan’s four main islands. The island is home to several automobile and semiconductor manufacturing facilities, so it is also known as “Silicon Island”.
Toyota’s new facility will help increase exports to Asia by expanding the electric vehicle supply chain. The facility will be built 40 km away from Toyota’s Miyata facility, which produces Lexus vehicles mostly for export, and will be the main supplier of the facility. Toyota’s battery manufacturing arm Primeearth EV Energy will operate the new factory.
Toyota, by 2030 to electric vehicles 32 billion dollars plans to invest and by 2030 3.5 million electric cars annually aims to sell. Last year the company 104.000 It was able to sell 1 electric vehicle.
It is not yet clear how much money Toyota will spend on the new battery factory and when construction will begin, but more details are expected to emerge soon.
Source
https://www.reuters.com/business/autos-transportation/toyota-motor-build-ev-battery-plant-fukuoka-nikkei-says-2024-07-26/
https://electrek.co/2024/07/26/toyota-plots-new-ev-battery-plant-fend-off-surging-byd/
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